The inspector said that if Arsenal could afford to buy a player like midfielder Mesut Ozil for £43 million from Real Madrid, it could not plead poverty.

At a recent hearing, Dan Kolinsky, representing the club, argued before Mr Justice Cranston that the inspector's decision was legally flawed and should not be allowed to stand.

Applying for judicial review, Mr Kolinksy submitted that the inspector had failed to apply the law correctly when he decided the proposal to double the number of concerts "did not accord with the development plan" for the stadium.

Lawyers for the inspector and Islington argued that the inspector followed the correct approach and there was no substance in the club's challenge.

During the public inquiry run by the inspector, Arsenal chief executive director Ken Friar said the club needed the money from the gigs to perform in the extremely competitive world of football, citing Manchester United's profits at £100 million compared to Arsenal's £20 million.